Shares of Mazagon Dock Shipbuilders were trading 4% higher on 9 November after the company reported a 55.6% jump in its consolidated net profit for the quarter ending on 30 September 2023.

The company reported a 55.6% year-on-year (YoY) increase in its consolidated net profit at Rs 333 crore for the quarter under review from Rs 214 crore reported in the year-ago quarter. The rise in net profit was driven by other income and strong operating numbers.

The consolidated revenue of the company for the quarter was at Rs 1,827.7 crore, which is a 7.4% YoY increase from the revenue reported during the same quarter of the previous fiscal year.

The EBITDA (earnings before interest, taxes, depreciation and amortisation) during the quarter was at Rs 176.7 crore, marking a 50% YoY increase. The EBITDA margins expanded by 280 basis points during the quarter to 9.7%.

The company has also announced an interim dividend of Rs 15.34 per share for the current fiscal year, which will be paid on or before 7 December.

On 17 October, the company signed a deal with the Ministry of Defense to construct a training ship for the Coast Guard for a total consideration of Rs 310 crore. The ship will have advanced and modern high-tech surveillance and monitoring systems.

At 3:05 pm, the shares of Mazagon Dock Shipbuilders were trading 0.72% higher at Rs 1,999.75 on NSE.